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FHAPROS Condominium and FHA Assumption Data
FHAPROS licenses real time FHA condominium approval and eligibility data and FHA mortgage assumption data to MLS systems. Our technology provides realtor members the most up to date, real time data in the industry to assist their clients in buying and selling properties with assumable FHA mortgages. In addition, our condominium data displays by address, which condominiums listed for sale are FHA approved, and if approved, if the association is eligible for new FHA insured mortgages. Below are examples of our reports and the information only the FHAPROS technology provides:
When our condominium data is integrated with an MLS, agents can search only for FHA approved condominiums, instead of the current system of obtaining the legal name of each listing, logging out of the MLS system, and going to HUD.gov to search their roster to see if the condominium appears.
When listings are pulled, the FHA icon signifies if the particular address is FHA approved and eligible (green light), or FHA approved and ineligible (yellow light).
On each condominium listing, our check FHA eligibility button is at the top of the page for agents to click through to see the eligibility report.
If the condominium listed is FHA approved and eligible, the FHAPROS report displays valuable information never before available such as:
- Owner occupancy percentage
- Percentage of FHA loans within the association
- Number of Units in the association
- Decertification date
- Maximum FHA loan amount
- Legal name of the association
- Whether the unit for sale has an assumable FHA insured mortgage and if so:
- Interest rate
- Remaining principal balance
- Number of months remaining
- PMI factor
- Lenders name
If the condominium listed is FHA approved but ineligible (Yellow light), the FHAPROS report displays all of the above information and the reason for the caution. This immediately alerts agents and lenders that while the association is on the HUD approved roster, the current condition might make closing an FHA loan impossible.
If the condominium is not FHA approved, a red light appears to alert that the association is not FHA certified, and therefore an FHA borrower would be unable to complete the transaction.
FHAPROS can also integrate into the MLS platform an email system alerting agents whether or not their uploaded listing are or are not FHA approved and if not, a click through for them to contact the FHAPROS to assist in the certification of the association by FHA.
If you are an MLS or real estate agent interested in licensing options, click here.